Friday 25th April – Banking & Payments Federation Ireland (BPFI) is today advising consumers and businesses, that due to the upcoming European May Day holiday on Thursday May 1st, electronic euro payments between banks on that day may be subject to delays. Businesses in particular are urged to ensure that payment requests for wages and salaries due on the 1st of May should be submitted earlier to ensure employees receive their pay on time.
Explaining what happens on May 1st and the impact for businesses, Leah Donnelly, Manager of Payment Schemes, BPFI said: “This year the annual European May Day holiday falls on Thursday May 1st and European institutions including the European Central Bank, which operates the banking settlement system across Europe, will be closed. While banks are open in Ireland on that day, the European holiday means that electronic payments in EURO cannot be made to bank accounts in Ireland or anywhere else across Europe. Essentially this means that anyone expecting a EURO payment into their bank account on this date may not receive the payment until Friday 2nd May.”
“We are now advising consumers, and particularly businesses paying employees or suppliers, to allow additional time for payments to reach the beneficiary. Employers who normally pay weekly wages into employees’ accounts on a Thursday, or monthly salaries on the 1st of the month, will need to submit their payment requests to their bank by Tuesday 29th April with employees receiving their funds on Wednesday 30th April. Standard payment processing cycles will apply from Friday 2nd May.”
BPFI member banks are engaging directly with their customers and government departments to ensure that, where necessary, payments impacted by this are paid early and are processed on time. As such, customers should raise any queries they may have directly with their bank, credit union or post office.
ENDS/
Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
Contact:
Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie 087 9740046.
